ALPS INFOSYS LIMITED
ANNUAL REPORT 2002-2003
Your Directors have pleasure in presenting the Eighth Annual Report of the
company together with Audited Statement of Accounts for the year ended on
31st March 2003.
(Rs. In Lacs)
1. FINANCIAL RESULT
Profit / (Loss) before
Depreciation 10.05 (37.19)
Less: Depreciation 7.46 6.61
Profit/ (Loss) before Tax 2.59 (43.80)
Provision for Income Tax 0.00 NIL
Profit/(Loss) after Tax 2.59 (43.80)
The company has made Profit of Rs. 2.59 Lacs on the total turnover of
Rs. 126.24 Lacs. During the year under reference the turnover is further
expected to grow in the year 2003-2004.
In order to Built up Internal Reserves, no dividend has been recommended
Shri S. S. Asokan is retiring by rotation and being eligible, offer himself
Shri Mahipal S. Shah was appointed as additional director and is proposed
to be appointed as director. Shri Sanjay T. Patel, Director of the company
resigned during the year under
View on account of personal reason.
5. ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The information required under section 217(1)(e) of the companies Act, 1956
read with the companies (disclosure of particulars in the Report of the
Board of Director) Rule, 1988. With respect to conservation of energy, the
Total cost of power and fuel during the year are contained at minimum
levels and hence no step was proposed for conservation of energy.
The Company has not accepted any deposits from the public.
Information in accordance with sub- section (2A) of Section 217 of the
companies act, 1956 read with companies (Particulars of Employees Rules,
1975 as amended and forming part this report is annexed to this report.
8. DIRECTORS RESPONSIBILITY STATEMENT:
1) The Directors confirm that, in preparation of the Balance sheet and the
Profit and Loss account of the company, the applicable accounting standards
have been followed along with proper explanation relating to material
departures, subject to notes on accounts.
2) The Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company as at 31st March 2003 and of the Profit and Loss of the company for
3) The Directors have taken proper and sufficient care for the maintenance
of adequate accounting record in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities.
4) The Directors have prepared the Annual Accounts on the basis of going
9. REPORT ON CORPORATE GOVERNANCE:
A report on corporate governance is annexed to this report and forms as a
part of annual report of the company.
M/s. A. T. Macwan & Associates, Chartered Accountant, Ahmedabad retired as
auditors of the company at the ensuing Annual General Meeting and being
eligible, offer themselves for reappointment.
Your Directors wish to place on record their appreciation of co-operation
received by the company from banks arid grateful for the services rendered
by the employees of the company.
On behalf of the Board of Directors
MUKESH J. PATEL
Chairman and Managing Director
Date : 30/08/2003
Place : Vadodara
MANAGEMENT DISCUSSION AND ANALYSIS
1. Overall Review
The overall performance during the year 2002-2003 has been satisfactory.
2. Financial Review
The Sales for the year ended on 31st March 2003 was Rs.1,26,24,364/-.
Interest expenditure was lower since the term loans were repaid and better
working capital management
The gross block of fixed assets as at 31st march 2003 was Rs. 1.33,58,0437-
3. Internal Control System and their adequacy
Consideration the size of the company, your company has adequacy system of
internal control to provide reasonable assurance that assets are
safeguarded and protected from unauthorized use or disposition.
The internal audit is carried out by a firm of Chartered Accountants and
reports reviewed by the management at regular intervals.
4. Business Environment
The performance of the company for the year under review was satisfactory.
The company is now planned to expansion in the business of IT Enable
services and defense software in the Indian as well as overseas market.
5. Risk And Concern
The building plan and machinery, vehicles and stocks of the company are
6. Cautionary Statement
Statement in this report on management discussion and analysis may be
forward looking statements with in the meaning of applicable security laws
or regulations. These statements are based on certain assumptions and
expectations of future events. Actual results could, however, defer
materially, from those expressed or implied. Important factors that could
make a difference to the company's operations include global and domestic
demand supply conditions, finish goods prices, raw material cost and
availability and changes in government regulation and tax structure,
economic development with in India and the countries with which the company
has business contacts and other factors such as litigation and industrial
The company assume no assumes no responsibilities in respect of forward
looking statements which may be amended or modified in future on the basis
of subsequent developments, information or events.
For Alps Infosys Limited